Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
OPERATING ACTIVITIES    
Net income $ 38,832 $ 27,524
Adjustments to reconcile net income to net cash provided by:    
Deferred tax expense 440 87
Provision for loan losses 5,859 6,467
Depreciation 1,480 1,124
Accretion on acquired loans (624) (1,120)
Amortization of core deposit intangible 176 180
Net amortization of debt securities available for sale 1,288 1,214
Decrease (increase) in accrued interest and dividends receivable 211 (207)
Stock-based compensation expense 640 564
Increase in accrued interest and dividends payable 507 311
Proceeds from sale of mortgage loans held for sale 61,054 61,717
Originations of mortgage loans held for sale (59,169) (66,266)
Loss (gain) on sale of debt securities available for sale 3 (29)
Gain on sale of mortgage loans held for sale (1,569) (1,189)
Net loss on sale of other real estate owned 39 41
Write down of other real estate owned 397 188
Operating losses on tax credit and other partnerships 176 76
Increase in cash surrender value of life insurance contracts (1,279) (1,308)
Net change in other assets, liabilities, and other operating activities (7,563) (4,273)
Net cash provided by operating activities 40,898 25,101
INVESTMENT ACTIVITIES    
Purchase of debt securities available for sale (15,119) (17,497)
Proceeds from sale of debt securities available for sale 6,085 16,738
Proceeds from maturities, calls and paydowns of debt securities available for sale 34,255 20,611
Purchase of debt securities held to maturity (439) (202)
Proceeds from maturities, calls and paydowns of debt securities held to maturity 1,203 534
Purchase of equity securities (708) (534)
Increase in loans (325,496) (357,687)
Purchase of premises and equipment (5,267) (441)
Purchase of bank-owned life insurance contracts (10,000) 0
Expenditures to complete construction of other real estate owned (3) (91)
Proceeds from sale of other real estate owned and repossessed assets 1,575 2,665
Investment in tax credit partnerships (2,491) 0
Net cash paid in acquisition of Metro Bancshares, Inc. 0 (12,883)
Net cash used in investing activities (316,405) (348,787)
FINANCING ACTIVITIES    
Net increase in noninterest-bearing deposits 132,201 68,839
Net increase in interest-bearing deposits 311,706 86,379
Net increase in federal funds purchased 68,070 6,605
Repayment of Federal Home Loan Bank advances (200) (200)
Proceeds from sale of preferred stock, net 0 125
Proceeds from exercise of stock options 2,339 2,693
Dividends paid on common stock (2,095) (1,539)
Dividends paid on preferred stock (23) (223)
Net cash provided by financing activities 511,998 162,679
Net increase (decrease) in cash and cash equivalents 236,491 (161,007)
Cash and cash equivalents at beginning of year 352,235 297,464
Cash and cash equivalents at end of year 588,726 136,457
Cash paid for:    
Interest 11,434 7,344
Income taxes 17,546 14,855
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 2,036 1,941
Internally financed sales of other real estate owned 1,157 0
Dividends declared 2,099 1,550
Fair value of assets and liabilities from acquisition:    
Fair value of tangible assets acquired 0 201,821
Other intangible assets acquired 0 18,143
Fair value of liabilities assumed 0 (179,682)
Total merger consideration $ 0 $ 40,282